GameStop Slides 6% Further as Investors Sell on Bitcoin Buy News Reaction

GameStop Shares Tumble Nearly 6% After Revealing Bitcoin Purchase

GameStop’s stock slid by almost 6% on Thursday following the company’s announcement of acquiring 4,710 bitcoins, a key part of its recently disclosed crypto treasury plan.

The acquisition, announced Wednesday morning, follows the company’s March capital raise of $1.3 billion aimed at funding bitcoin investments. Despite the sizable raise, the bitcoin purchase — estimated at around $500 million — is modest relative to GameStop’s $14 billion market capitalization and existing cash reserves.

Leading up to the announcement, GameStop’s shares had rallied over 60%, rebounding from earlier market setbacks tied to tariff concerns. However, the post-announcement decline suggests investors may be taking profits or questioning the pace and scale of corporate bitcoin buying strategies, which have become increasingly common.

The company has yet to disclose the exact timing and price points of its bitcoin purchases, leaving some uncertainty about the impact of this move on its financial position.